Academic literature on the topic 'West Country (England)'

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Journal articles on the topic "West Country (England)"

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Walton, J. "Crime, migration and social change in north-west England and the Basque country." British Journal of Criminology 39, no. 1 (1999): 90–112. http://dx.doi.org/10.1093/bjc/39.1.90.

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Anderson, Virginia DeJohn, and Frank Thistlethwaite. "Dorset Pilgrims: The Story of West Country Pilgrims Who Went to New England in the 17th Century." Journal of American History 77, no. 3 (1990): 992. http://dx.doi.org/10.2307/2079018.

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Steiner, Bruce E., and Frank Thistlethwaite. "Dorset Pilgrims: The Story of West Country Pilgrims Who Went to New England in the Seventeenth Century." New England Quarterly 64, no. 2 (1991): 320. http://dx.doi.org/10.2307/366131.

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kelly, ian. "Giffords Kitchen: It's a Circus." Gastronomica 8, no. 1 (2008): 18–21. http://dx.doi.org/10.1525/gfc.2008.8.1.18.

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Giffords' Circus in England has a cult following for its retro-chic evenings in big tops, for kids of all ages who happen upon them exclusively at the Hay Literary Festival and rural beauty spots in England's West Country and Wales. Famed also is the cooking; served al fresco after the circus show, with some of the cast, and by a chef who doubles as an acrobat. Not promising in food terms? On the contrary, Giffords travelling circus restaurant is at the vanguard of modern British cuisine: locally sourced, simple, healthy and in this case wildly sociable.
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Weir, David A., and Joyce Youings. "Ralegh's Country: The South West of England in the Reign of Queen Elizabeth I." Sixteenth Century Journal 18, no. 2 (1987): 296. http://dx.doi.org/10.2307/2541205.

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WOODWARD, WALTER W. "Dorset Pilgrims: The Story of the West Country Pilgrims Who Went to New England in the Seventeenth Century." Connecticut History Review 31 (November 1, 1990): 77–78. http://dx.doi.org/10.2307/44369333.

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Szentgáli-Tóth, Boldizsár. "‘The Hungary of the West’." DÍKÉ 2020, no. 2 (2021): 124–39. http://dx.doi.org/10.15170/dike.2020.04.02.09.

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During the 19th century, several Irish authors looked for those smples from Europe, which might be inwoked during the targeted reconsideration of the Irish-British relationship. The Irish aim was to establish a dualist monarchy with Great Britain, or at least to achieve a broader autonomy within the Empire. For this purpose, Hungary was also often seen as a proper example, how a smaller nation could strenghten its position within a larger country. The Irish constitutional literature, and also the newspapers discussed the compromise between Austria and Hungary in 1867, and called for a similar agreement between Ireland and England to provide broader self-determination for Ireland. The study would outline the main arguments of these contemporary contributions, and would assess, how the real Hungarian development, and a mainly idealized image from Hungary influenced the Irish public discourse during that period. Special highlight would be given to a book published by Arthur Griffith, an important politician of that period, “The Resurrection of Hungary” which provided a detailed narrative from the Hungarian development, and used this sample as an argument in the particular Irish political context. Griffith was also one of the key figures of the negotiations in 1921, which lead finally to the agreement between Ireland and England, therefore, this Hungarian orientation had also clear practical impact. My purpose is to demonstrate this influence on the basis of the original, contemporary Irish sources.
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Smith, LK, R. Ahmad, and VG Langkamer. "Kinemax Knee Replacement in West on Super-Mare: Putting the Record Straight." Bulletin of the Royal College of Surgeons of England 94, no. 9 (2012): 308–11. http://dx.doi.org/10.1308/147363512x13448516926108.

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In 2002 the government initiated an unprecedented investment in the NHS in England to reduce the waiting time for elective surgery. One of the means of meeting the objective was the development of treatment centres that provided additional capacity. A number of centres were developed across the country managed either within the NHS or in the independent sector. In 2010 the number of primary knee replacement procedures performed in the uK was 76,870, of which 2,456 (3.2%) were completed in NHS treatment centres.
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Flaherty, Ellen, and Kevin Biese. "THE IMPLEMENTATION OF GERIATRIC EMERGENCY DEPARTMENT ACCREDITATION (GEDA) IN RURAL CRITICAL ACCESS HOSPITALS." Innovation in Aging 6, Supplement_1 (2022): 338. http://dx.doi.org/10.1093/geroni/igac059.1334.

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Abstract The largely rural setting of Northern New England offers unique challenges to implementing improved acute care for the growing geriatric population. Northern New England is one of the United States’ most rapidly aging regions, with Vermont and New Hampshire being the second and third oldest US states respectively by median age (U.S. Census 2017). There is a need to expand innovations in geriatric emergency medicine to reach older adults in rural areas such as Northern New England. Dartmouth-Hitchcock Medical Center and the West Health are collaborating on a project leveraging telehealth to extend the reach of a GED to rural hospitals, as well as investigate the opportunities for scaling and sustaining this concept to other rural facilities across Northern New England and throughout the country. This symposium will focus on our experience implementing a hub and spoke model to achieve our goal of improving the care of older adults in rural emergency departments.
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Mortimer, Ian. "Diocesan Licensing and Medical Practitioners in South-West England, 1660–1780." Medical History 48, no. 1 (2004): 49–68. http://dx.doi.org/10.1017/s0025727300007055.

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The licensing of provincial surgeons and physicians in the post-Restoration period has proved an awkward subject for medical historians. It has divided writers between those who regard the possession of a local licence as a mark of professionalism or proficiency, those who see the existence of diocesan licences as a mark of an essentially unregulated and decentralized trade, and those who discount the distinction of licensing in assessing medical expertise availability in a given region. Such a diversity of interpretations has meant that the very descriptors by which practitioners were known to their contemporaries (and are referred to by historians) have become fragmented and difficult to use without a specific context. As David Harley has pointed out in his study of licensed physicians in the north-west of England, “historians often define eighteenth-century physicians as men with medical degrees, thus ignoring … the many licensed physicians throughout the country”. One could similarly draw attention to the inadequacy of the word “surgeon” to cover licensed and unlicensed practitioners, barber-surgeons, Company members in towns, self-taught practitioners using surgical manuals, and procedural specialists whose work came under the umbrella of surgery, such as bonesetters, midwives and phlebotomists. Although such fragmentation of meaning reflects a diversity of practices carried on under the same occupational descriptors in early modern England, the result is an imprecise historical literature in which the importance of licensing, and especially local licensing, is either ignored as a delimiter or viewed as an inaccurate gauge of medical proficiency.
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Dissertations / Theses on the topic "West Country (England)"

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Wall, Gavin Richard Tod. "The origin and tectonic significance of sediment-filled fissures in the Mendip Hills (SW England)." Thesis, University of Oxford, 1992. http://ethos.bl.uk/OrderDetails.do?uin=uk.bl.ethos.670287.

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Andronicou, Anna Maria l. "Usage and perceptions of over the counter oral solid dose weight loss formulations in North West England." Thesis, Liverpool John Moores University, 2011. http://ethos.bl.uk/OrderDetails.do?uin=uk.bl.ethos.536141.

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Books on the topic "West Country (England)"

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Michelin, ed. England: The West country. 2nd ed. Michelin, 1990.

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Michelin, ed. England: The West Country, Channel Islands. 3rd ed. Michelin, 1994.

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Michelin Travel Publications (EDT). The West Country of England: Channel Islands. 4th ed. Michelin Tyre, 1998.

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Michelin Tyre Public Limited Company. Tourism Dept. The West Country of England, Channel Islands. Michelin Tyre PLC, Tourism Dept., 1998.

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Prideaux, R. M. Prideaux: A Westcountry clan. Phillimore, 1989.

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Mayberry, Tom. Coleridge & Wordsworth in the West Country. Alan Sutton, 1994.

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Robinson, John Martin. A guide to the country houses of the North West. Constable, 1991.

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West Yorkshire Metropolitan County Council. and Royal Commission on Historical Monuments (England), eds. Rural houses of West Yorkshire, 1400-1830. H.M.S.O., 1986.

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Thistlethwaite, Frank. Dorset pilgrims: The story of West Country pilgrims who went to New England in the 17th century. Barrie & Jenkins, 1989.

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Thistlethwaite, Frank. Dorset pilgrims: The story of West Country pilgrims who went to New England in the 17th century. Heart of the Lakes Pub., 1993.

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Book chapters on the topic "West Country (England)"

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Goudie, Andrew, and Rita Gardner. "Lynton and Lynmouth: a West Country disaster." In Discovering Landscape in England & Wales. Springer Netherlands, 1992. http://dx.doi.org/10.1007/978-94-011-2298-6_59.

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Fertig, David. "Sound change, analogy, and urban koineization in the regularization of verbs in late fourteenth-century English." In Investigating West Germanic Languages. John Benjamins Publishing Company, 2024. http://dx.doi.org/10.1075/sigl.8.06fer.

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This paper presents a detailed comparison of certain verb forms in Sir Firumbras, a text produced in a relatively remote part of southwestern England around 1380, with those found in texts produced in the London area around the same time. The forms in question reflect a collapse in some dialects of earlier present-tense distinctions between strong verbs and the largest class of weak verbs. This collapse is commonly assumed to have affected southern English in general but the evidence presented here suggests that it may initially have been characteristic only of urban regions with an influx of migrants from other parts of the country.
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Casimiro, Tânia Manuel. "14 Portuguese Faience in South-West England." In West Country Households, 1500-1700. Boydell and Brewer, 2015. http://dx.doi.org/10.1515/9781782044574-018.

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Green, Christopher. "12 Cast Bronze Cooking Pots in England, 1500–1720." In West Country Households, 1500-1700. Boydell and Brewer, 2015. http://dx.doi.org/10.1515/9781782044574-016.

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Alcock, Nat. "1 The Development of the Vernacular House in South-West England, 1500–1700." In West Country Households, 1500-1700. Boydell and Brewer, 2015. http://dx.doi.org/10.1515/9781782044574-005.

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"3 The best of the west: John Leland’s West Country Arthur." In Local Place and the Arthurian Tradition in England and Wales, 1400-1700. Boydell and Brewer, 2023. http://dx.doi.org/10.1515/9781805431381-006.

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Monckton, Linda. "Experimental Architecture? Vaulting and West Country Cloisters in the Late Middle Ages." In The Medieval Cloister in England and Wales. Routledge, 2017. http://dx.doi.org/10.4324/9781351195072-10.

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Creighton, Oliver H., Duncan W. Wright, Michael Fradley, and Steven Trick. "Town, Village and Country." In Anarchy: War and Status in 12th-Century Landscapes of Conflict. Liverpool University Press, 2017. http://dx.doi.org/10.5949/liverpool/9781781382424.003.0008.

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This chapter turns to consider the effects of the conflict on the urban and rural landscape. Despite the almost twenty-year duration of the civil war, its impacts on landscape and townscape had very significant geographical biases. There was a greater effect upon urban rather than rural life, as urban castles, fortified towns and their hinterlands were the foci of sieges and counter-sieges. Behind the image of a slowdown in urban growth, lords were investing in new town plantations, invariably alongside fortifications and often as components within more comprehensive schemes of aggrandisement. Tracing the impact of the Anarchy on the rural landscape archaeology of England is a more difficult proposition, although we have strong evidence for landscape planning and the creation of fortified settlements by newly emboldened lords. Documentary sources catalogue widespread landscape devastation by armies, although on the ground the effects of the war had a strong regional dimension, with some areas, most notably the West Country and Thames Valley, the focus of especially regular and damaging upheaval. Elsewhere, urban and rural populations are likely to have been affected little by the ebb and flow of the conflict, where the political and military fortunes of the social elite did not impinge on everyday life.
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Bliss, Michael. "All the Youth and Glory of the Country." In William Osler. Oxford University PressNew York, NY, 2007. http://dx.doi.org/10.1093/oso/9780195329605.003.0011.

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Abstract The Oslers had paid little attention to assassinations in the Balkans, ultimatums, mobilizations, and declarations of war by Austria, Russia, and Germany. It hardly seemed possible that Britain would be sucked in. Then German troops began marching across Belgium, violating the country’s guaranteed neutrality. Suddenly, incredibly, on Tuesday, August 4, 1914, the British Empire went to war. Grace and Revere were literally at sea, heading for Canada aboard the Calgarian. Willy found himself stranded at Colonsay off the west coast of Scotland because all the telegraph lines and trains had been commandeered for military purposes. He could not get south until the end of the week. In London he met up with his brother Edmund, who was already engaged in war finance, and he spent the early days of August helping organize Canadian offers of medical help and doing what he could to contact friends, including William Welch, who were scrambling to leave the continent. A nephew of Grace’s who slipped across the Channel to England found himself promptly arrested as a German spy; Osler arranged his release.
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Disraeli, Benjamin. "Chapter VII." In Sybil. Oxford University Press, 2017. http://dx.doi.org/10.1093/owc/9780198759898.003.0017.

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In a commercial country like England, every half century developes some new and vast source of public wealth, which brings into national notice a new and powerful class. A couple of centuries ago, a Turkey merchant was the great creator of wealth; the West...
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Conference papers on the topic "West Country (England)"

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Major, Mark David, Heba O. Tannous, Sarah Al-Thani, Mahnoor Hasan, Adiba Khan, and Adele Salaheldin. "Macro and micro scale modelling of multi-modal transportation spatial networks in the city-state of Doha, Qatar." In Post-Oil City Planning for Urban Green Deals Virtual Congress. ISOCARP, 2020. http://dx.doi.org/10.47472/piqu7255.

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Researchers and practitioners have been modeling the street networks of metropolitan and geographical regions using space syntax or configurational analysis since the late 1990s and early 2000s. Some models even extend to a national scale. A few examples include the island of Great Britain, within the national boundaries of England, over half of the Combined Statistical Area of Metropolitan Chicago and the entirety of Chatham County, Georgia and the City of Savannah in the USA, and the Chiang-rai Special Economic Zone in northern Thailand bordering Myanmar and Laos. Researchers at Qatar University constructed a space syntax model of Metropolitan Doha in 2018. It covered a land area of 650 km2 , encompassing over 24,000 streets, and approximately eighty-five percent (~85%) of the total population (~2.8 million) in Qatar. In a short time, this model led to a deeper understanding of spatial structure at the metropolitan and neighborhood level in Doha compared to other cities of the world, especially in the Gulf Cooperation Council region. The paper presents the initial results of expanding this model to the State of Qatar, which provides ideal conditions for this type of large-scale modeling using space syntax. It occupies the Qatari Peninsula on the Arabian Peninsula adjacent to the Arabian/Persian Gulf, offering natural boundaries on three sides. Qatar also shares only a single border with another country to the southwest, which Saudi Arabia closed due to the current diplomatic blockade. The expanded model includes all settlements and outlying regions such as Al Ruwais and Fuwayriţ in the far north, Al Khor and the Industrial City of Ras Laffan in the northeast, and Durkan and Zekreet in the west. Space syntax is serving as the analytical basis for research into the effect of the newly opened rail transportation systems on Doha's urban street network. Researchers are also utilizing space syntax to study micro-scale spatial networks for pedestrians in Souq Waqif, Souq Wakra, and other Doha neighborhoods. The paper gives a brief overview of this research's current state with an emphasis on urban studies.
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Reports on the topic "West Country (England)"

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Ocampo-Gaviria, José Antonio, Roberto Steiner Sampedro, Mauricio Villamizar Villegas, et al. Report of the Board of Directors to the Congress of Colombia - March 2023. Banco de la República de Colombia, 2023. http://dx.doi.org/10.32468/inf-jun-dir-con-rep-eng.03-2023.

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Banco de la República is celebrating its 100th anniversary in 2023. This is a very significant anniversary and one that provides an opportunity to highlight the contribution the Bank has made to the country’s development. Its track record as guarantor of monetary stability has established it as the one independent state institution that generates the greatest confidence among Colombians due to its transparency, management capabilities, and effective compliance with the central banking and cultural responsibilities entrusted to it by the Constitution and the Law. On a date as important as this, the Board of Directors of Banco de la República (BDBR) pays tribute to the generations of governors and officers whose commitment and dedication have contributed to the growth of this institution.1 Banco de la República’s mandate was confirmed in the National Constitutional Assembly of 1991 where the citizens had the opportunity to elect the seventy people who would have the task of drafting a new constitution. The leaders of the three political movements with the most votes were elected as chairs to the Assembly, and this tripartite presidency reflected the plurality and the need for consensus among the different political groups to move the reform forward. Among the issues considered, the National Constitutional Assembly gave special importance to monetary stability. That is why they decided to include central banking and to provide Banco de la República with the necessary autonomy to use the instruments for which they are responsible without interference from other authorities. The constituent members understood that ensuring price stability is a state duty and that the entity responsible for this task must be enshrined in the Constitution and have the technical capability and institutional autonomy necessary to adopt the decisions they deem appropriate to achieve this fundamental objective in coordination with the general economic policy. In particular, Article 373 established that “the State, through Banco de la República, shall ensure the maintenance of the purchasing power of the currency,” a provision that coincided with the central banking system adopted by countries that have been successful in controlling inflation. In 1999, in Ruling 481, the Constitutional Court stated that “the duty to maintain the purchasing power of the currency applies to not only the monetary, credit, and exchange authority, i.e., the Board of Banco de la República, but also those who have responsibilities in the formulation and implementation of the general economic policy of the country” and that “the basic constitutional purpose of Banco de la República is the protection of a sound currency. However, this authority must take the other economic objectives of state intervention such as full employment into consideration in their decisions since these functions must be coordinated with the general economic policy.” The reforms to Banco de la República agreed upon in the Constitutional Assembly of 1991 and in Act 31/1992 can be summarized in the following aspects: i) the Bank was assigned a specific mandate: to maintain the purchasing power of the currency in coordination with the general economic policy; ii) the BDBR was designatedas the monetary, foreign exchange, and credit authority; iii) the Bank and its Board of Directors were granted a significant degree of independence from the government; iv) the Bank was prohibited from granting credit to the private sector except in the case of the financial sector; v) established that in order to grant credit to the government, the unanimous vote of its Board of Directors was required except in the case of open market transactions; vi) determined that the legislature may, in no case, order credit quotas in favor of the State or individuals; vii) Congress was appointed, on behalf of society, as the main addressee of the Bank’s reporting exercise; and viii) the responsibility for inspection, surveillance, and control over Banco de la República was delegated to the President of the Republic. The members of the National Constitutional Assembly clearly understood that the benefits of low and stable inflation extend to the whole of society and contribute mto the smooth functioning of the economic system. Among the most important of these is that low inflation promotes the efficient use of productive resources by allowing relative prices to better guide the allocation of resources since this promotes economic growth and increases the welfare of the population. Likewise, low inflation reduces uncertainty about the expected return on investment and future asset prices. This increases the confidence of economic agents, facilitates long-term financing, and stimulates investment. Since the low-income population is unable to protect itself from inflation by diversifying its assets, and a high proportion of its income is concentrated in the purchase of food and other basic goods that are generally the most affected by inflationary shocks, low inflation avoids arbitrary redistribution of income and wealth.2 Moreover, low inflation facilitates wage negotiations, creates a good labor climate, and reduces the volatility of employment levels. Finally, low inflation helps to make the tax system more transparent and equitable by avoiding the distortions that inflation introduces into the value of assets and income that make up the tax base. From the monetary authority’s point of view, one of the most relevant benefits of low inflation is the credibility that economic agents acquire in inflation targeting, which turns it into an effective nominal anchor on price levels. Upon receiving its mandate, and using its autonomy, Banco de la República began to announce specific annual inflation targets as of 1992. Although the proposed inflation targets were not met precisely during this first stage, a downward trend in inflation was achieved that took it from 32.4% in 1990 to 16.7% in 1998. At that time, the exchange rate was kept within a band. This limited the effectiveness of monetary policy, which simultaneously sought to meet an inflation target and an exchange rate target. The Asian crisis spread to emerging economies and significantly affected the Colombian economy. The exchange rate came under strong pressure to depreciate as access to foreign financing was cut off under conditions of a high foreign imbalance. This, together with the lack of exchange rate flexibility, prevented a countercyclical monetary policy and led to a 4.2% contraction in GDP that year. In this context of economic slowdown, annual inflation fell to 9.2% at the end of 1999, thus falling below the 15% target set for that year. This episode fully revealed how costly it could be, in terms of economic activity, to have inflation and exchange rate targets simultaneously. Towards the end of 1999, Banco de la República announced the adoption of a new monetary policy regime called the Inflation Targeting Plan. This regime, known internationally as ‘Inflation Targeting,’ has been gaining increasing acceptance in developed countries, having been adopted in 1991 by New Zealand, Canada, and England, among others, and has achieved significant advances in the management of inflation without incurring costs in terms of economic activity. In Latin America, Brazil and Chile also adopted it in 1999. In the case of Colombia, the last remaining requirement to be fulfilled in order to adopt said policy was exchange rate flexibility. This was realized around September 1999, when the BDBR decided to abandon the exchange-rate bands to allow the exchange rate to be freely determined in the market.Consistent with the constitutional mandate, the fundamental objective of this new policy approach was “the achievement of an inflation target that contributes to maintaining output growth around its potential.”3 This potential capacity was understood as the GDP growth that the economy can obtain if it fully utilizes its productive resources. To meet this objective, monetary policy must of necessity play a countercyclical role in the economy. This is because when economic activity is below its potential and there are idle resources, the monetary authority can reduce the interest rate in the absence of inflationary pressure to stimulate the economy and, when output exceeds its potential capacity, raise it. This policy principle, which is immersed in the models for guiding the monetary policy stance, makes the following two objectives fully compatible in the medium term: meeting the inflation target and achieving a level of economic activity that is consistent with its productive capacity. To achieve this purpose, the inflation targeting system uses the money market interest rate (at which the central bank supplies primary liquidity to commercial banks) as the primary policy instrument. This replaced the quantity of money as an intermediate monetary policy target that Banco de la República, like several other central banks, had used for a long time. In the case of Colombia, the objective of the new monetary policy approach implied, in practical terms, that the recovery of the economy after the 1999 contraction should be achieved while complying with the decreasing inflation targets established by the BDBR. The accomplishment of this purpose was remarkable. In the first half of the first decade of the 2000s, economic activity recovered significantly and reached a growth rate of 6.8% in 2006. Meanwhile, inflation gradually declined in line with inflation targets. That was how the inflation rate went from 9.2% in 1999 to 4.5% in 2006, thus meeting the inflation target established for that year while GDP reached its potential level. After this balance was achieved in 2006, inflation rebounded to 5.7% in 2007, above the 4.0% target for that year due to the fact that the 7.5% GDP growth exceeded the potential capacity of the economy.4 After proving the effectiveness of the inflation targeting system in its first years of operation, this policy regime continued to consolidate as the BDBR and the technical staff gained experience in its management and state-of-the-art economic models were incorporated to diagnose the present and future state of the economy and to assess the persistence of inflation deviations and expectations with respect to the inflation target. Beginning in 2010, the BDBR established the long-term 3.0% annual inflation target, which remains in effect today. Lower inflation has contributed to making the macroeconomic environment more stable, and this has favored sustained economic growth, financial stability, capital market development, and the functioning of payment systems. As a result, reductions in the inflationary risk premia and lower TES and credit interest rates were achieved. At the same time, the duration of public domestic debt increased significantly going from 2.27 years in December 2002 to 5.86 years in December 2022, and financial deepening, measured as the level of the portfolio as a percentage of GDP, went from around 20% in the mid-1990s to values above 45% in recent years in a healthy context for credit institutions.Having been granted autonomy by the Constitution to fulfill the mandate of preserving the purchasing power of the currency, the tangible achievements made by Banco de la República in managing inflation together with the significant benefits derived from the process of bringing inflation to its long-term target, make the BDBR’s current challenge to return inflation to the 3.0% target even more demanding and pressing. As is well known, starting in 2021, and especially in 2022, inflation in Colombia once again became a serious economic problem with high welfare costs. The inflationary phenomenon has not been exclusive to Colombia and many other developed and emerging countries have seen their inflation rates move away from the targets proposed by their central banks.5 The reasons for this phenomenon have been analyzed in recent Reports to Congress, and this new edition delves deeper into the subject with updated information. The solid institutional and technical base that supports the inflation targeting approach under which the monetary policy strategy operates gives the BDBR the necessary elements to face this difficult challenge with confidence. In this regard, the BDBR reiterated its commitment to the 3.0% inflation target in its November 25 communiqué and expects it to be reached by the end of 2024.6 Monetary policy will continue to focus on meeting this objective while ensuring the sustainability of economic activity, as mandated by the Constitution. Analyst surveys done in March showed a significant increase (from 32.3% in January to 48.5% in March) in the percentage of responses placing inflation expectations two years or more ahead in a range between 3.0% and 4.0%. This is a clear indication of the recovery of credibility in the medium-term inflation target and is consistent with the BDBR’s announcement made in November 2022. The moderation of the upward trend in inflation seen in January, and especially in February, will help to reinforce this revision of inflation expectations and will help to meet the proposed targets. After reaching 5.6% at the end of 2021, inflation maintained an upward trend throughout 2022 due to inflationary pressures from both external sources, associated with the aftermath of the pandemic and the consequences of the war in Ukraine, and domestic sources, resulting from: strengthening of local demand; price indexation processes stimulated by the increase in inflation expectations; the impact on food production caused by the mid-2021 strike; and the pass-through of depreciation to prices. The 10% increase in the minimum wage in 2021 and the 16% increase in 2022, both of which exceeded the actual inflation and the increase in productivity, accentuated the indexation processes by establishing a high nominal adjustment benchmark. Thus, total inflation went to 13.1% by the end of 2022. The annual change in food prices, which went from 17.2% to 27.8% between those two years, was the most influential factor in the surge in the Consumer Price Index (CPI). Another segment that contributed significantly to price increases was regulated products, which saw the annual change go from 7.1% in December 2021 to 11.8% by the end of 2022. The measure of core inflation excluding food and regulated items, in turn, went from 2.5% to 9.5% between the end of 2021 and the end of 2022. The substantial increase in core inflation shows that inflationary pressure has spread to most of the items in the household basket, which is characteristic of inflationary processes with generalized price indexation as is the case in Colombia. Monetary policy began to react early to this inflationary pressure. Thus, starting with its September 2021 session, the BDBR began a progressive change in the monetary policy stance moving away from the historical low of a 1.75% policy rate that had intended to stimulate the recovery of the economy. This adjustment process continued without interruption throughout 2022 and into the beginning of 2023 when the monetary policy rate reached 12.75% last January, thus accumulating an increase of 11 percentage points (pp). The public and the markets have been surprised that inflation continued to rise despite significant interest rate increases. However, as the BDBR has explained in its various communiqués, monetary policy works with a lag. Just as in 2022 economic activity recovered to a level above the pre-pandemic level, driven, along with other factors, by the monetary stimulus granted during the pandemic period and subsequent months, so too the effects of the current restrictive monetary policy will gradually take effect. This will allow us to expect the inflation rate to converge to 3.0% by the end of 2024 as is the BDBR’s purpose.Inflation results for January and February of this year showed declining marginal increases (13 bp and 3 bp respectively) compared to the change seen in December (59 bp). This suggests that a turning point in the inflation trend is approaching. In other Latin American countries such as Chile, Brazil, Perú, and Mexico, inflation has peaked and has begun to decline slowly, albeit with some ups and downs. It is to be expected that a similar process will take place in Colombia in the coming months. The expected decline in inflation in 2023 will be due, along with other factors, to lower cost pressure from abroad as a result of the gradual normalization of supply chains, the overcoming of supply shocks caused by the weather, and road blockades in previous years. This will be reflected in lower adjustments in food prices, as has already been seen in the first two months of the year and, of course, the lagged effect of monetary policy. The process of inflation convergence to the target will be gradual and will extend beyond 2023. This process will be facilitated if devaluation pressure is reversed. To this end, it is essential to continue consolidating fiscal sustainability and avoid messages on different public policy fronts that generate uncertainty and distrust. 1 This Report to Congress includes Box 1, which summarizes the trajectory of Banco de la República over the past 100 years. In addition, under the Bank’s auspices, several books that delve into various aspects of the history of this institution have been published in recent years. See, for example: Historia del Banco de la República 1923-2015; Tres banqueros centrales; Junta Directiva del Banco de la República: grandes episodios en 30 años de historia; Banco de la República: 90 años de la banca central en Colombia. 2 This is why lower inflation has been reflected in a reduction of income inequality as measured by the Gini coefficient that went from 58.7 in 1998 to 51.3 in the year prior to the pandemic. 3 See Gómez Javier, Uribe José Darío, Vargas Hernando (2002). “The Implementation of Inflation Targeting in Colombia”. Borradores de Economía, No. 202, March, available at: https://repositorio.banrep.gov.co/handle/20.500.12134/5220 4 See López-Enciso Enrique A.; Vargas-Herrera Hernando and Rodríguez-Niño Norberto (2016). “The inflation targeting strategy in Colombia. An historical view.” Borradores de Economía, No. 952. https://repositorio.banrep.gov.co/handle/20.500.12134/6263 5 According to the IMF, the percentage change in consumer prices between 2021 and 2022 went from 3.1% to 7.3% for advanced economies, and from 5.9% to 9.9% for emerging market and developing economies. 6 https://www.banrep.gov.co/es/noticias/junta-directiva-banco-republica-reitera-meta-inflacion-3
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